Angola to Buy Boeing Planes in $297 Million US-Backed Deal
The transaction will fund the purchase of the wide-body jets and General Electric Aerospace equipment, supporting about 1,400 jobs across US supply chains where Boeing and GE operate, EXIM said in a statement Wednesday.
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Yahoo
4 minutes ago
- Yahoo
Swiss Face 72-Hour Race to Lower Trump's ‘Absurd' 39% Tariff
(Bloomberg) -- The Swiss government held crisis talks on Monday to come up with a proposal that might dissaude US President Donald Trump from imposing 39% tariffs on the country in less than three days. We Should All Be Biking Along the Beach Seeking Relief From Heat and Smog, Cities Follow the Wind Chicago Curbs Hiring, Travel to Tackle $1 Billion Budget Hole NYC Mayor Adams Gives Bally's Bronx Casino Plan a Second Chance With the rate — the highest among industrial nations — set to go into effect on Aug. 7, President and Finance Minister Karin Keller-Sutter convened an emergency meeting of the governing Federal Council on Monday to discuss how to proceed. Separately, negotiators with the Swiss State Secretariat for Economic Affairs have reached out to their US counterparts to try and find a way forward. The agency, which hammered out a far more favorable tentative deal with the US more than a month ago, also held a briefing with business leaders on Monday. Keller-Sutter, who was criticized in the Swiss press over the weekend for allowing Trump to blindside her without a backup plan, said she would be willing to make a last-minute trip to Washington if she thought there was a chance a deal could be made. 'I don't rule out such a visit, but first, the two sides should come closer together in their positions,' she told the newspaper Schweiz am Wochenende. It's not clear what, if any, response there has been from the US government. 'It's unfortunate that the Swiss took so much time' to react, says Thomas Borer, a former Swiss diplomat who now runs his own consulting firm, echoing the criticism made in the press. Despite the backlash, the Swiss president doesn't face any immediate danger of losing her job. The system is designed for continuity, and the presidency rotates on an annual basis, meaning her term running the country will come to a close at the end of the year. The Trump administration justified Friday's move by claiming that Switzerland had in essence stolen money from the US and should therefore be hit with a tariff rate commensurate with the trade deficit — a notion Ketter-Sutter dismissed as 'absurd.' Switzerland ran a $38 billion bilateral trade surplus with the US last year, according to US Census data, which was the 13th biggest for the world's largest economy. While Swiss exports to the US collapsed after the introduction of tariffs in April, they rebounded in June, suggesting that trade between the two countries remained robust. What Bloomberg Economics Says... 'We estimate that this represents a tariff shock of around 23 percentage points for the Swiss economy, putting roughly 1% of its GDP at risk over the medium term.' -Jean Dalbard, economist. For full React, click here There are not many routes available to Switzerland, but one is to offer to buy liquefied natural gas from the US. While the landlocked country is focused on hydroelectric and nuclear power, it does use a small amount of gas, primarily in the winter to cushion swings in its energy supply. Should Switzerland choose to import more gas, it would have to travel through neighboring countries, which could potentially increase transit costs. So far, the expectation appears to be that Keller-Sutter and the government will secure a better deal. The Swiss market benchmark SMI was down just 0.43% as of 11:37 a.m. on Monday. 'We expect negotiations to bring the 39% Swiss tariff rate closer to the 15% agreed with the EU,' Lombard Odier investment strategists said in a research note. 'In the unlikely event that this trade dispute is not resolved,' they added, they will revise their forecast for gross domestic product. Given the 'volatility of decisions we've seen from the US,' there's hope that a solution may be found, Franziska Ryser, a lawmaker of the Green party, told Bloomberg. 'On the other hand, we must draw political conclusions from the situation and acknowledge that — at least under the Trump administration — America is no longer a reliable partner,' she said. 'This means that we should strengthen cooperation with the EU and coordinate more closely with our European partners.' --With assistance from Dylan Griffiths and Anna Shiryaevskaya. How Podcast-Obsessed Tech Investors Made a New Media Industry Russia Builds a New Web Around Kremlin's Handpicked Super App Everyone Loves to Hate Wind Power. Scotland Found a Way to Make It Pay Off What's Really Behind Those Rosy GDP Numbers? Cage-Free Eggs Are Booming in the US, Despite Cost and Trump's Efforts ©2025 Bloomberg L.P. Sign in to access your portfolio
Yahoo
4 minutes ago
- Yahoo
Greif to shut down steel and polymer drum facility in California, US
Industrial packaging company Greif has confirmed plans to permanently close its steel and polymer drum manufacturing facility located in Merced, California, US. This decision is part of the company's strategy to optimise operations and is expected to take effect in September this year. The Merced facility is responsible for the production of steel drums, as well as large and small polymer containers. Following the closure, customer orders will be managed through Greif's existing global network of steel and polymer production sites. The closure will affect approximately 43 employees at the facility. Greif president and CEO Ole Rosgaard said: 'I want to express my deep gratitude to our colleagues in Merced for their hard work over the years and the positive impact they've had on the company and surrounding community. 'We are committed to doing everything we can to make this transition as easy as possible, including providing severance packages and career placement services. 'We remain confident in the strength of our steel and polymer business and its long-term potential. This is a strategic decision to strengthen our focus in key markets while enhancing the performance of both our existing steel network and broader business portfolio.' Greif, which operates on a global scale, aims to enhance its operations by eliminating costs amounting to $100m from the business. Last month, Packaging Corporation of America finalised an agreement to acquire Greif's Containerboard business for $1.8bn. This business includes two mills with a production capacity of approximately 800,000 tonnes and eight sheet feeders and corrugated plants across the US. Additionally, Greif manages timber properties in the south-eastern US and employs more than 14,000 staff members across over 250 facilities in 37 countries. "Greif to shut down steel and polymer drum facility in California, US" was originally created and published by Packaging Gateway, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Chicago Tribune
6 minutes ago
- Chicago Tribune
Boeing workers who build fighter jets go on strike
NEW YORK — Boeing workers who build fighter jets went on strike Monday at midnight Central Daylight Time. About 3,200 workers at Boeing facilities in St. Louis; St. Charles, Missouri; and Mascoutah, Illinois, voted to reject a modified four-year labor agreement with Boeing, the International Association of Machinists and Aerospace Workers union said Sunday. In a post on X, the union said: '3,200 highly-skilled IAM Union members at Boeing went on strike at midnight because enough is enough.' The vote followed members' rejection last week of an earlier proposal from the troubled aerospace giant, which had included a 20% wage increase over four years. 'IAM District 837 members build the aircraft and defense systems that keep our country safe,' said Sam Cicinelli, Midwest territory general vice president for the union, in a statement. 'They deserve nothing less than a contract that keeps their families secure and recognizes their unmatched expertise.' At the time of the earlier vote, union leaders had recommended approving the offer, calling it a 'landmark agreement' and saying it would improve medical, pension and overtime benefits. The union members rejected the latest proposal after a weeklong cooling-off period. 'We're disappointed our employees rejected an offer that featured 40% average wage growth and resolved their primary issue on alternative work schedules,' said Dan Gillian, Boeing Air Dominance vice president and general manager, and senior St. Louis site executive. 'We are prepared for a strike and have fully implemented our contingency plan to ensure our non-striking workforce can continue supporting our customers.' Boeing has been struggling after two of its Boeing 737 Max airplanes crashed, one in Indonesia in 2018 and the other in Ethiopia in 2019, killing 346 people. In June, one of Boeing's Dreamliner planes, operated by Air India, crashed, killing at least 260 people. Last week, Boeing reported that its second-quarter revenue had improved and losses had narrowed. The company lost $611 million in the second quarter, compared to a loss of $1.44 billion during the same period last year.
